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Note 13 - Income Taxes
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

13.      INCOME TAXES

 

The Company’s effective tax rate was 23.7% and 20.3% for the three months ended September 30, 2022 and 2021, respectively, and 21.6% and 8.9% for the nine months ended September 30, 2022 and 2021, respectively.

 

The increase in the effective tax rate for the three months ended September 30, 2022 compared to the prior year quarter was due primarily to a $4.8 million decrease in state tax benefits related to state tax credits recognized and a $3.4 million decrease in income tax benefit attributable to equity-based compensation awards, partially offset by a $6.2 million valuation allowance increase associated with the MBI Net Option in the prior year quarter that did not recur.

 

The increase in the effective tax rate for the nine months ended September 30, 2022 compared to the prior year period was due primarily to a $35.4 million income tax benefit from the reversal of a pre-existing deferred tax liability on the Hargray investment in the prior year that did not recur, partially offset by a $16.6 million tax benefit from the release of the valuation allowance associated with the MBI Net Option in the quarter ended March 31, 2022.